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skyscraper connoisseur
6,226 Posts
Discussion Starter · #1 ·

A new trans-Tasman superannuation deal between Australia and New Zealand brings a seamless market economy between the two countries one step closer, Treasurer Wayne Swan says.

Australian Treasurer Wayne Swan and NZ Finance Minister Bill English signed a memorandum of understanding in Brisbane on Thursday establishing a trans-Tasman retirement portability scheme.

The new deal will mean Australian and New Zealand seniors soon will be able to transfer their retirement savings across the Tasman.

And Mr Swan said he expected more agreements when Prime Minister Kevin Rudd and New Zealand Prime Minister John Key meet in August.

"We do see this as an important initiative in progressing our broader aim of a seamless market economy between the two countries," Mr Swan said at the announcement.

"There is a discussion between our prime ministers later in the year where they outline a future agenda with further progress in the area of the single economic market and harmonisation and alignment across various policy areas."

Mr Swan and Mr English would not reveal what future agreements were on the drawing board.

The agreement also meant it would be easier for people to work in both countries and track down lost superannuation.

"It is important in terms of the mobility of labour between both countries and will enable Australians and New Zealanders to transfer their retirement savings across the Tasman when they move," Mr Swan said.

Mr Swan couldn't put a figure on how much of Australia's $10 billion in lost super was linked to New Zealanders but encouraged people who thought they were entitled to any lost super to contact the Australian Tax Office.

At the announcement Mr English said it bode well for New Zealand's future economic prospects that Australia had withstood much of the brunt of the economic crisis.

"The fact that Australia is outperforming almost all developed economies is very good for New Zealand as Australia is about a quarter of our export markets," Mr English said.

"Any success for the Australian economy is good for us.

"One of the reasons we hope New Zealand can come out of the recession well positioned is because of the close relationship we have with (the Australian) economy, which relatively speaking, is one of the more successful economies in the world.

"With respect to a single economic market, it is to enable business to work successfully across both economies."

New Zealand is also investigating the establishment of a productivity commission and is looking closely at the Australian model.

2,155 Posts
I don't mind an Australian - New Zealand shared economy at all.

I think its a great step forward in an entire 'Oceanic' free market economy and we could show the rest of the world how unification of markets doesn't have to be bad in that the power is still shifted to a few people.

I feel that for this to work there still needs to be a complete overhaul of our banking (This includes the RBA) sector even though our model is still probably one of the best in the world. Money is power and power corrupts. With the way it works at the moment the big banks are still very greedy and have no legal obligation to pass on interest rate rises (HA!) and cuts effectivily making federal government monetary policy a joke and a slap in the face to all Australians.

The Reserve Bank of Australia should have no indefinite member on it board at all. Since 1993 the RBA main target has been to make sure inflation is between 2% - 3% through its control over interest rates which is great imo. With unification of markets in our region this plan must remain the same. All profits by the central bank must always be returned to the people. And the people must always be in control of this institution.

I also feel that no powers of the states should be given to the federal government from here on in. A federal health care system or education system is a joke and could be argued as unconstitutional in Australia (Yes i am Western Australian :lol: ). The states should always be in control and the federal government or future regional government should be afraid of the power the states control. A great example of this is that any referendum in Australia must have the majority of votes in a majority of the states for it to pass so the popular vote may not necessarily always win.


Regular User
970 Posts
^^ agree with everything you've said Nazor.


Shouldn't Aus just invade New Zealand and take it as our territory? Surely this is the most expedient way to immediately achieve the kind of objectives that our politicians are claiming will take decades to evolve.

Surely, with the 10th biggest military in the world, NZ would be easy pickings?

Just in case there is still some lingering doubt about Australia's overall military capability in the context of NZ the following report puts the issue in little doubt...

AUSTRALIA'S defence budget is now the 13th biggest in the world, an international league table shows.

Canberra's defence spending has leapt by about 56 per cent in the past seven years to $25.66 billion, meaning it now spends more than most European Union countries.

1. US $US696.30 billion
2. Britain $US79.27 billion
3. France $US65.74 billion.
4. China $US58.07 billion
5. Japan $US48.10 billion
6. Germany $US43.55 billion
7. Saudi Arabia $US38.32 billion
8. Russian Federation $US36.73 billion
9. Italy $US31.40 billion
10. South Korea $US28.30 billion
11. India $US27.21 billion
12. Brazil $US24.62 billion
13. Australia $US19.74 billion
14. Spain $US19.37 billion
15. Canada $US16.19 billion

Source: Jane's Industry Quarterly

Jane's has forecast Australia's spending to hit $29.47 billion in 2010 which would mean we would be the 10th largest in the world.
EDIT: I'm a pacificst BTW, and the above is me being sarcastic.

skyscraper connoisseur
6,226 Posts
Discussion Starter · #4 ·
You're right. The recent tsunami hitting Australia's Eastern coasts clearly demonstrates that New Zealand is a threat to our national peace and security. Oil drilling down their undersea territory will no doubt minimise further tectonic shifts. It has nothing to do with invading for their hydrocarbons.

380 Posts
I reckon Australia should become part of New Zealand, and we can call it the West Island.
Aus and NZ should probably be unified, but it will never happen because NZ would be more like Australia taking over NZ rather than a unification.

stupid sexy flanders
3,427 Posts
Manufacturers have easy access to each others markets already, Im not sure what more can be done. Since CER was signed things are pretty streamlined anyway.

Im not big on currency unions. Not sure if the benefits outweigh the negatives. Ive already said in the Kiwi forums that if there has to be one than NZ should adopt our dollar. And it should continue to be called AUD- we shouldn't have to make concessions for a much smaller country If they dont like it they dont have to get on board

. Fiji, PNG and all those other places can take it on as well if they want, although they would really need to pull their socks up economically to make it work. Failing that we can all take on the USD.

Proud Melbournian
1,750 Posts
When I think of ANZAC I think of WW1. I can't see how that could be adopted as a unified unit of currency b/t Aus & NZ.
Euro on the other hand is quite clever IMO and can be associated to a unit of currency without other connotations coming to mind that can detract from it's 'new' meaning.
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